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\begin{document} 
\title{REPORT FOR MODEL} 
\bigskip 
\author{Model         : BFM mod \\ 
Specification : ver01 \\ 
Subfolder     : SecondSampleOutput \\ 
This file     : Report05 09 23.tex \\ 
OutputPath   :  BFM mod ver01 SecondSampleOutput end 2020.75 csminwel BFMPrior 05 09 23} 
\bigskip 
\date{09-May-2023  5:18 PM} 
\maketitle 
 
% Begin Prior Posterior Table\pagebreak 
\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Prior Posterior Table}\\ \hline 
Parameters&Dist&$Prior Mean$&$Prior Std$&$Post Mode$ \\\hline \endhead 
\hline \endfoot 
AD&C&24&0&24\\ 
bet&C&0.990&0&0.990\\ 
delt&C&0.025&0&0.025\\ 
alph&C&0.330&0&0.330\\ 
$\eta w$&C&0.140&0&0.140\\ 
$\eta p$&C&0.140&0&0.140\\ 
sgc&C&0.110&0&0.110\\ 
sb&C&2.458&0&2.458\\ 
$\tau l$&C&0.186&0&0.186\\ 
$\tau k$&C&0.218&0&0.218\\ 
$\tau c$&C&0.023&0&0.023\\ 
gamm100&C&0.398&0&0.398\\ 
$\pi star100$&C&0.530&0&0.530\\ 
$\xi $&C&1.797&0&1.797\\ 
$\mu HH$&C&0.077&0&0.077\\ 
$\omega w$&C&0.815&0&0.815\\ 
$\omega p$&C&0.867&0&0.867\\ 
$g\psi $&C&0.656&0&0.656\\ 
s&C&5.547&0&5.547\\ 
$\chi w$&C&0.038&0&0.038\\ 
$\chi p$&C&0.236&0&0.236\\ 
thet&C&0.913&0&0.913\\ 
$\alpha g$&C&-0.051&0&-0.051\\ 
$\phi \pi $&C&0&0&0\\ 
$\phi y$&C&0.001&0&0.001\\ 
$\phi \pi c$&C&2.058&0&2.058\\ 
gammgc&C&0&0&0\\ 
gammtk&C&0&0&0\\ 
gammtl&C&0&0&0\\ 
gammtc&C&0&0&0\\ 
gammz&C&0&0&0\\ 
$\phi zy$&C&0.082&0&0.082\\ 
gammgcc&C&0.344&0&0.344\\ 
gammtkc&C&0.004&0&0.004\\ 
gammtlc&C&0.003&0&0.003\\ 
gammtcc&C&0&0&0\\ 
gammzc&C&0.089&0&0.089\\ 
nfrp&C&0&0&0\\ 
$\rho r$&C&0.726&0&0.726\\ 
$\rho gc$&C&0.408&0&0.408\\ 
$\rho z$&C&0.539&0&0.539\\ 
$\rho tk$&C&0.980&0&0.980\\ 
$\rho tl$&C&0.980&0&0.980\\ 
$\rho tc$&C&0.980&0&0.980\\ 
$\rho eg$&C&0.936&0&0.936\\ 
$\rho eMz$&C&0.995&0&0.995\\ 
$\rho eFz$&C&0.996&0&0.996\\ 
$\rho a$&C&0.311&0&0.311\\ 
$\rho b$&C&0.795&0&0.795\\ 
$\rho em$&C&0.242&0&0.242\\ 
$\rho i$&C&0.922&0&0.922\\ 
$\rho w$&C&0&0&0\\ 
$\rho p$&C&0&0&0\\ 
$\rho rp$&C&0.904&0&0.904\\ 
$\rho CP$&C&0.997&0&0.997\\ 
$\rho zt$&C&0.492&0&0.492\\ 
ssR&C&1&0&1\\ 
siggc&I&2.004&0.500&4.036\\ 
sigMz&I&2.952&0.500&4.984\\ 
sigFz&I&0.596&0.500&1.101\\ 
siga&I&1.216&0.500&3.825\\ 
sigb&I&4.993&0.500&4.998\\ 
sigm&I&0.242&0.500&0.123\\ 
sigi&I&0.498&0.500&2.574\\ 
sigw&I&0.345&0.500&0.643\\ 
sigp&I&0.169&0.500&0.138\\ 
sigrp&I&0.382&0.500&3.042\\ 
$sig\pi star$&I&1.326&0.500&4.860\\ 
sigzt&I&0.390&0.500&4.979\\ 
$STD_{gdpME}$&I&0.434&0.200&1.794\\ 
$STD_{byME}$&I&0.324&0.200&4.988\\ 
$STD_{beiME}$&I&0.500&0.200&0.204\\ 
flagEFFR&C&1&0&1\\ 
$\nu mSignal$&C&10&0&10\\ 
flagEINFL&C&1&0&1\\ 
InflExpHor&C&20&0&20\\ 
$A_{0}$&C&0.500&0&0.500\\ 
$A_{1}$&N&0&2&-0.787\\ 
$A_{2}$&N&0&2&-0.477\\ 
$A_{3}$&N&0&2&-0.385\\ 
$A_{4}$&N&0&2&-0.070\\ 
$A_{5}$&C&0&0&0\\ 
$A_{6}$&N&0&2&0.204\\ 
$A_{7}$&N&0&2&0.265\\ 
$A_{8}$&N&0&2&0.423\\ 
$A_{9}$&N&0&2&0.448\\ 
$A_{10}$&N&0&2&1.019\\ 
$B_{0}$&C&0&0&0\\ 
$B_{1}$&N&0&2&0.007\\ 
$B_{2}$&N&0&2&0.032\\ 
$B_{3}$&N&0&2&0.065\\ 
$B_{4}$&N&0&2&0.082\\ 
$B_{5}$&N&0&2&0.104\\ 
$B_{6}$&N&0&2&0.114\\ 
$B_{7}$&N&0&2&0.125\\ 
$B_{8}$&N&0&2&0.130\\ 
$B_{9}$&N&0&2&0.136\\ 
$B_{10}$&N&0&2&0.057\\ 
$stdID_{0}$&C&0&0&0\\ 
$stdID_{1}$&I&0.100&5&0.035\\ 
$stdID_{2}$&I&0.100&0.015&0.063\\ 
$stdID_{3}$&I&0.100&0.015&0.057\\ 
$stdID_{4}$&I&0.100&0.015&0.058\\ 
$stdID_{5}$&I&0.100&0.015&0.056\\ 
$stdID_{6}$&I&0.100&0.015&0.056\\ 
$stdID_{7}$&I&0.100&0.015&0.056\\ 
$stdID_{8}$&I&0.100&0.015&0.057\\ 
$stdID_{9}$&I&0.100&0.015&0.058\\ 
$stdID_{10}$&I&0.100&0.015&0.085\\ 
$std_{factorA}$&N&0.050&0.050&0.077\\ 
$std_{factorB}$&N&1.500&2&0.990\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|} 
\multicolumn{2}{c}{Prior Posterior Table}\\ \hline 
Parameters&$Std Mode$ \\\hline \endhead 
\hline \endfoot 
AD&NaN\\ 
bet&NaN\\ 
delt&NaN\\ 
alph&NaN\\ 
$\eta w$&NaN\\ 
$\eta p$&NaN\\ 
sgc&NaN\\ 
sb&NaN\\ 
$\tau l$&NaN\\ 
$\tau k$&NaN\\ 
$\tau c$&NaN\\ 
gamm100&NaN\\ 
$\pi star100$&NaN\\ 
$\xi $&NaN\\ 
$\mu HH$&NaN\\ 
$\omega w$&NaN\\ 
$\omega p$&NaN\\ 
$g\psi $&NaN\\ 
s&NaN\\ 
$\chi w$&NaN\\ 
$\chi p$&NaN\\ 
thet&NaN\\ 
$\alpha g$&NaN\\ 
$\phi \pi $&NaN\\ 
$\phi y$&NaN\\ 
$\phi \pi c$&NaN\\ 
gammgc&NaN\\ 
gammtk&NaN\\ 
gammtl&NaN\\ 
gammtc&NaN\\ 
gammz&NaN\\ 
$\phi zy$&NaN\\ 
gammgcc&NaN\\ 
gammtkc&NaN\\ 
gammtlc&NaN\\ 
gammtcc&NaN\\ 
gammzc&NaN\\ 
nfrp&NaN\\ 
$\rho r$&NaN\\ 
$\rho gc$&NaN\\ 
$\rho z$&NaN\\ 
$\rho tk$&NaN\\ 
$\rho tl$&NaN\\ 
$\rho tc$&NaN\\ 
$\rho eg$&NaN\\ 
$\rho eMz$&NaN\\ 
$\rho eFz$&NaN\\ 
$\rho a$&NaN\\ 
$\rho b$&NaN\\ 
$\rho em$&NaN\\ 
$\rho i$&NaN\\ 
$\rho w$&NaN\\ 
$\rho p$&NaN\\ 
$\rho rp$&NaN\\ 
$\rho CP$&NaN\\ 
$\rho zt$&NaN\\ 
ssR&NaN\\ 
siggc&NaN\\ 
sigMz&NaN\\ 
sigFz&NaN\\ 
siga&NaN\\ 
sigb&NaN\\ 
sigm&NaN\\ 
sigi&NaN\\ 
sigw&NaN\\ 
sigp&NaN\\ 
sigrp&NaN\\ 
$sig\pi star$&NaN\\ 
sigzt&NaN\\ 
$STD_{gdpME}$&NaN\\ 
$STD_{byME}$&NaN\\ 
$STD_{beiME}$&NaN\\ 
flagEFFR&NaN\\ 
$\nu mSignal$&NaN\\ 
flagEINFL&NaN\\ 
InflExpHor&NaN\\ 
$A_{0}$&NaN\\ 
$A_{1}$&NaN\\ 
$A_{2}$&NaN\\ 
$A_{3}$&NaN\\ 
$A_{4}$&NaN\\ 
$A_{5}$&NaN\\ 
$A_{6}$&NaN\\ 
$A_{7}$&NaN\\ 
$A_{8}$&NaN\\ 
$A_{9}$&NaN\\ 
$A_{10}$&NaN\\ 
$B_{0}$&NaN\\ 
$B_{1}$&NaN\\ 
$B_{2}$&NaN\\ 
$B_{3}$&NaN\\ 
$B_{4}$&NaN\\ 
$B_{5}$&NaN\\ 
$B_{6}$&NaN\\ 
$B_{7}$&NaN\\ 
$B_{8}$&NaN\\ 
$B_{9}$&NaN\\ 
$B_{10}$&NaN\\ 
$stdID_{0}$&NaN\\ 
$stdID_{1}$&NaN\\ 
$stdID_{2}$&NaN\\ 
$stdID_{3}$&NaN\\ 
$stdID_{4}$&NaN\\ 
$stdID_{5}$&NaN\\ 
$stdID_{6}$&NaN\\ 
$stdID_{7}$&NaN\\ 
$stdID_{8}$&NaN\\ 
$stdID_{9}$&NaN\\ 
$stdID_{10}$&NaN\\ 
$std_{factorA}$&NaN\\ 
$std_{factorB}$&NaN\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

Log Posterior = -901.5258 
\smallskip 
Log Likelihood =-787.5948 
\pagebreak 
\section{Spectrum Decomposition} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.022&0.326\\ 
$consumption: Non-Savers$&0.001&0.009&0.019&0.058\\ 
$nominal interest rate$&0.000&0.000&0.000&0.024\\ 
investment&0.000&0.000&0.011&0.013\\ 
labor&0.002&0.000&0.017&0.021\\ 
output&0.002&0.000&0.017&0.032\\ 
$govt consumption$&0.284&0.003&0.000&0.010\\ 
$aggregate consumption$&0.000&0.001&0.024&0.291\\ 
$real wage$&0.000&0.000&0.001&0.599\\ 
$govt debt$&0.004&0.011&0.008&0.014\\ 
inflation&0.000&0.000&0.023&0.026\\ 
$b/y ratio$&0.003&0.004&0.011&0.013\\ 
$inflation CF$&0.000&0.000&0.000&0.027\\ 
$b/y ratio CF$&0.003&0.004&0.000&0.013\\ 
$\tau k$&0.003&0.004&0.000&0.014\\ 
$\tau l$&0.003&0.004&0.000&0.014\\ 
$\tau c$&0.001&0.001&0.016&0.052\\ 
$real interest rate$&0.000&0.000&0.019&0.027\\ 
$transfers total$&0.000&0.467&0.018&0.000\\ 
$transfers part$&0.000&0.001&0.001&0.001\\ 
$price of bonds$&0.001&0.000&0.000&0.023\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ 
$GDPobs_{me}$&0.002&0.000&0.015&0.060\\ 
cobs&0.000&0.001&0.027&0.139\\ 
iobs&0.000&0.000&0.011&0.026\\ 
labor&0.002&0.000&0.017&0.021\\ 
$nominal interest rate$&0.000&0.000&0.000&0.024\\ 
wobs&0.000&0.000&0.001&0.343\\ 
inflation&0.000&0.000&0.023&0.026\\ 
zobs&0.000&0.281&0.012&0.309\\ 
gobs&0.284&0.002&0.000&0.150\\ 
$Debt-To-GDP_{me}$&0.003&0.004&0.011&0.013\\ 
$EFFR 1$&0.000&0.000&0.000&0.023\\ 
$EFFR 2$&0.000&0.000&0.000&0.019\\ 
$EFFR 3$&0.000&0.000&0.000&0.015\\ 
$EFFR 4$&0.000&0.000&0.000&0.011\\ 
$EFFR 5$&0.000&0.000&0.000&0.008\\ 
$EFFR 6$&0.000&0.000&0.000&0.006\\ 
$EFFR 7$&0.000&0.000&0.000&0.004\\ 
$EFFR 8$&0.000&0.000&0.000&0.002\\ 
$EFFR 9$&0.000&0.000&0.000&0.002\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.029&0.002\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.024&0.000&0.028&0.003\\ 
$consumption: Non-Savers$&0.001&0.000&0.433&0.002\\ 
$nominal interest rate$&0.001&0.001&0.409&0.002\\ 
investment&0.000&0.000&0.695&0.001\\ 
labor&0.001&0.000&0.481&0.002\\ 
output&0.001&0.000&0.487&0.001\\ 
$govt consumption$&0.002&0.000&0.348&0.001\\ 
$aggregate consumption$&0.020&0.000&0.021&0.002\\ 
$real wage$&0.000&0.000&0.074&0.038\\ 
$govt debt$&0.003&0.001&0.329&0.006\\ 
inflation&0.001&0.000&0.411&0.003\\ 
$b/y ratio$&0.003&0.000&0.477&0.001\\ 
$inflation CF$&0.001&0.000&0.422&0.003\\ 
$b/y ratio CF$&0.003&0.000&0.486&0.002\\ 
$\tau k$&0.002&0.000&0.479&0.001\\ 
$\tau l$&0.002&0.000&0.479&0.001\\ 
$\tau c$&0.005&0.000&0.479&0.002\\ 
$real interest rate$&0.001&0.004&0.386&0.002\\ 
$transfers total$&0.000&0.000&0.014&0.000\\ 
$transfers part$&0.000&0.000&0.027&0.001\\ 
$price of bonds$&0.004&0.001&0.767&0.005\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.001&0.000&0.468&0.001\\ 
cobs&0.025&0.000&0.028&0.003\\ 
iobs&0.000&0.000&0.679&0.001\\ 
labor&0.001&0.000&0.481&0.002\\ 
$nominal interest rate$&0.001&0.001&0.409&0.002\\ 
wobs&0.000&0.000&0.102&0.093\\ 
inflation&0.001&0.000&0.411&0.003\\ 
zobs&0.000&0.000&0.007&0.000\\ 
gobs&0.002&0.000&0.286&0.001\\ 
$Debt-To-GDP_{me}$&0.003&0.000&0.476&0.001\\ 
$EFFR 1$&0.001&0.001&0.411&0.002\\ 
$EFFR 2$&0.001&0.000&0.413&0.002\\ 
$EFFR 3$&0.001&0.000&0.415&0.002\\ 
$EFFR 4$&0.001&0.000&0.414&0.001\\ 
$EFFR 5$&0.001&0.000&0.412&0.001\\ 
$EFFR 6$&0.001&0.000&0.408&0.001\\ 
$EFFR 7$&0.001&0.000&0.402&0.001\\ 
$EFFR 8$&0.001&0.000&0.396&0.001\\ 
$EFFR 9$&0.001&0.000&0.388&0.000\\ 
$EFFR 10$&0.001&0.000&0.380&0.000\\ 
$BEIobs_{me}$&0.001&0.000&0.321&0.001\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.535&0.039&0.000\\ 
$consumption: Non-Savers$&0.000&0.344&0.107&0.009\\ 
$nominal interest rate$&0.001&0.497&0.027&0.000\\ 
investment&0.000&0.219&0.046&0.000\\ 
labor&0.000&0.398&0.060&0.000\\ 
output&0.000&0.378&0.064&0.000\\ 
$govt consumption$&0.000&0.319&0.032&0.002\\ 
$aggregate consumption$&0.000&0.562&0.055&0.000\\ 
$real wage$&0.001&0.014&0.272&0.000\\ 
$govt debt$&0.000&0.513&0.059&0.009\\ 
inflation&0.001&0.502&0.030&0.000\\ 
$b/y ratio$&0.000&0.435&0.043&0.003\\ 
$inflation CF$&0.001&0.515&0.031&0.000\\ 
$b/y ratio CF$&0.000&0.443&0.044&0.003\\ 
$\tau k$&0.000&0.447&0.046&0.003\\ 
$\tau l$&0.000&0.447&0.046&0.003\\ 
$\tau c$&0.000&0.349&0.084&0.001\\ 
$real interest rate$&0.002&0.462&0.031&0.000\\ 
$transfers total$&0.000&0.033&0.004&0.462\\ 
$transfers part$&0.000&0.063&0.008&0.896\\ 
$price of bonds$&0.000&0.112&0.018&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.367&0.059&0.000\\ 
cobs&0.000&0.689&0.063&0.001\\ 
iobs&0.000&0.225&0.045&0.000\\ 
labor&0.000&0.398&0.060&0.000\\ 
$nominal interest rate$&0.001&0.497&0.027&0.000\\ 
wobs&0.002&0.028&0.429&0.000\\ 
inflation&0.001&0.502&0.030&0.000\\ 
zobs&0.000&0.015&0.002&0.373\\ 
gobs&0.000&0.250&0.023&0.002\\ 
$Debt-To-GDP_{me}$&0.000&0.434&0.043&0.003\\ 
$EFFR 1$&0.000&0.502&0.024&0.000\\ 
$EFFR 2$&0.000&0.510&0.020&0.000\\ 
$EFFR 3$&0.000&0.518&0.015&0.000\\ 
$EFFR 4$&0.000&0.526&0.010&0.000\\ 
$EFFR 5$&0.000&0.533&0.007&0.000\\ 
$EFFR 6$&0.000&0.541&0.005&0.000\\ 
$EFFR 7$&0.000&0.549&0.004&0.000\\ 
$EFFR 8$&0.000&0.559&0.003&0.000\\ 
$EFFR 9$&0.000&0.572&0.003&0.000\\ 
$EFFR 10$&0.000&0.589&0.004&0.000\\ 
$BEIobs_{me}$&0.000&0.622&0.003&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.021&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.014&0.000&0.000\\ 
$nominal interest rate$&0.004&0.030&0.000&0.000\\ 
investment&0.000&0.013&0.000&0.000\\ 
labor&0.001&0.017&0.000&0.000\\ 
output&0.001&0.017&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.001&0.022&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.001&0.041&0.000&0.000\\ 
inflation&0.000&0.002&0.000&0.000\\ 
$b/y ratio$&0.000&0.007&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.001&0.009&0.000&0.000\\ 
$real interest rate$&0.008&0.055&0.000&0.001\\ 
$transfers total$&0.000&0.001&0.000&0.000\\ 
$transfers part$&0.000&0.001&0.000&0.000\\ 
$price of bonds$&0.002&0.063&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.015&0.000&0.000\\ 
cobs&0.001&0.023&0.000&0.000\\ 
iobs&0.000&0.012&0.000&0.000\\ 
labor&0.001&0.017&0.000&0.000\\ 
$nominal interest rate$&0.004&0.030&0.000&0.000\\ 
wobs&0.000&0.001&0.000&0.000\\ 
inflation&0.000&0.002&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.007&0.000&0.000\\ 
$EFFR 1$&0.004&0.029&0.000&0.000\\ 
$EFFR 2$&0.003&0.029&0.000&0.000\\ 
$EFFR 3$&0.003&0.030&0.000&0.000\\ 
$EFFR 4$&0.002&0.031&0.000&0.000\\ 
$EFFR 5$&0.002&0.034&0.000&0.000\\ 
$EFFR 6$&0.002&0.035&0.000&0.000\\ 
$EFFR 7$&0.002&0.036&0.000&0.000\\ 
$EFFR 8$&0.002&0.034&0.000&0.000\\ 
$EFFR 9$&0.003&0.029&0.000&0.000\\ 
$EFFR 10$&0.003&0.021&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.011&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.001&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.001\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.001\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.001\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.001\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.001\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.001\\ 
$EFFR 4$&0.000&0.000&0.000&0.001\\ 
$EFFR 5$&0.000&0.000&0.000&0.001\\ 
$EFFR 6$&0.000&0.000&0.000&0.001\\ 
$EFFR 7$&0.000&0.000&0.000&0.001\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Spectral Decomposition}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0\\ 
$consumption: Non-Savers$&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
investment&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
output&0.000&0.000&0\\ 
$govt consumption$&0.000&0.000&0\\ 
$aggregate consumption$&0.000&0.000&0\\ 
$real wage$&0.000&0.000&0\\ 
$govt debt$&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
$b/y ratio$&0.000&0.000&0\\ 
$inflation CF$&0.000&0.000&0\\ 
$b/y ratio CF$&0.000&0.000&0\\ 
$\tau k$&0.000&0.000&0\\ 
$\tau l$&0.000&0.000&0\\ 
$\tau c$&0.000&0.000&0\\ 
$real interest rate$&0.000&0.000&0\\ 
$transfers total$&0.000&0.000&0\\ 
$transfers part$&0.000&0.000&0\\ 
$price of bonds$&0.000&0.000&0\\ 
$g shock$&0.000&0.000&0\\ 
$funded tranfer shock$&0.000&0.000&0\\ 
$unfunded tranfer shock$&0.000&0.000&0\\ 
$GDPobs_{me}$&0.011&0.000&0\\ 
cobs&0.000&0.000&0\\ 
iobs&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
wobs&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
zobs&0.000&0.000&0\\ 
gobs&0.000&0.000&0\\ 
$Debt-To-GDP_{me}$&0.000&0.002&0\\ 
$EFFR 1$&0.000&0.000&0\\ 
$EFFR 2$&0.000&0.000&0\\ 
$EFFR 3$&0.000&0.000&0\\ 
$EFFR 4$&0.000&0.000&0\\ 
$EFFR 5$&0.000&0.000&0\\ 
$EFFR 6$&0.000&0.000&0\\ 
$EFFR 7$&0.000&0.000&0\\ 
$EFFR 8$&0.000&0.000&0\\ 
$EFFR 9$&0.000&0.000&0\\ 
$EFFR 10$&0.000&0.000&0\\ 
$BEIobs_{me}$&0.000&0.000&0.009\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\pagebreak 
\pagebreak 
\section{Asymptotic Variance Decompositions} 
\subsection{Observables} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.006&0.000&0.011&0.046\\ 
cobs&0.000&0.005&0.023&0.073\\ 
iobs&0.000&0.000&0.008&0.019\\ 
labor&0.007&0.000&0.013&0.038\\ 
$nominal interest rate$&0.000&0.000&0.000&0.043\\ 
wobs&0.000&0.000&0.003&0.130\\ 
inflation&0.000&0.000&0.021&0.043\\ 
zobs&0.000&0.375&0.018&0.232\\ 
gobs&0.527&0.000&0.000&0.473\\ 
$Debt-To-GDP_{me}$&0.003&0.000&0.004&0.004\\ 
$EFFR 1$&0.000&0.000&0.000&0.038\\ 
$EFFR 2$&0.000&0.000&0.000&0.031\\ 
$EFFR 3$&0.000&0.000&0.000&0.024\\ 
$EFFR 4$&0.000&0.000&0.000&0.018\\ 
$EFFR 5$&0.000&0.000&0.000&0.012\\ 
$EFFR 6$&0.000&0.000&0.000&0.008\\ 
$EFFR 7$&0.000&0.000&0.000&0.005\\ 
$EFFR 8$&0.000&0.000&0.000&0.003\\ 
$EFFR 9$&0.000&0.000&0.000&0.002\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.032&0.002\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.435&0.000\\ 
cobs&0.025&0.001&0.071&0.000\\ 
iobs&0.000&0.000&0.673&0.001\\ 
labor&0.001&0.000&0.483&0.001\\ 
$nominal interest rate$&0.001&0.030&0.366&0.005\\ 
wobs&0.000&0.000&0.095&0.479\\ 
inflation&0.001&0.000&0.369&0.005\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.006&0.001&0.813&0.005\\ 
$EFFR 1$&0.001&0.007&0.385&0.005\\ 
$EFFR 2$&0.001&0.002&0.393&0.004\\ 
$EFFR 3$&0.001&0.001&0.397&0.003\\ 
$EFFR 4$&0.001&0.000&0.397&0.002\\ 
$EFFR 5$&0.001&0.000&0.393&0.002\\ 
$EFFR 6$&0.001&0.000&0.386&0.002\\ 
$EFFR 7$&0.001&0.000&0.375&0.001\\ 
$EFFR 8$&0.001&0.000&0.360&0.001\\ 
$EFFR 9$&0.001&0.000&0.340&0.001\\ 
$EFFR 10$&0.001&0.000&0.320&0.001\\ 
$BEIobs_{me}$&0.001&0.000&0.219&0.001\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.370&0.040&0.000\\ 
cobs&0.000&0.753&0.040&0.004\\ 
iobs&0.000&0.257&0.036&0.000\\ 
labor&0.000&0.411&0.039&0.000\\ 
$nominal interest rate$&0.016&0.484&0.054&0.000\\ 
wobs&0.008&0.071&0.214&0.000\\ 
inflation&0.016&0.489&0.056&0.000\\ 
zobs&0.000&0.000&0.000&0.374\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.016&0.000&0.001\\ 
$EFFR 1$&0.003&0.515&0.043&0.000\\ 
$EFFR 2$&0.001&0.532&0.031&0.000\\ 
$EFFR 3$&0.000&0.547&0.022&0.000\\ 
$EFFR 4$&0.000&0.560&0.014&0.000\\ 
$EFFR 5$&0.000&0.571&0.009&0.000\\ 
$EFFR 6$&0.000&0.581&0.005&0.000\\ 
$EFFR 7$&0.000&0.589&0.002&0.000\\ 
$EFFR 8$&0.000&0.598&0.001&0.000\\ 
$EFFR 9$&0.000&0.605&0.000&0.000\\ 
$EFFR 10$&0.000&0.624&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.633&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.005&0.000&0.000\\ 
cobs&0.000&0.005&0.000&0.000\\ 
iobs&0.000&0.004&0.000&0.000\\ 
labor&0.000&0.005&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.011&0.000&0.000\\ 
$EFFR 1$&0.002&0.000&0.001&0.000\\ 
$EFFR 2$&0.002&0.000&0.000&0.001\\ 
$EFFR 3$&0.002&0.002&0.000&0.001\\ 
$EFFR 4$&0.001&0.005&0.000&0.000\\ 
$EFFR 5$&0.001&0.009&0.000&0.000\\ 
$EFFR 6$&0.000&0.015&0.000&0.000\\ 
$EFFR 7$&0.000&0.024&0.000&0.000\\ 
$EFFR 8$&0.000&0.034&0.000&0.000\\ 
$EFFR 9$&0.001&0.048&0.000&0.000\\ 
$EFFR 10$&0.006&0.044&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.007&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.001&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.001&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.001&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.001\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.001&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.001&0.000&0.000\\ 
$EFFR 9$&0.000&0.001&0.001&0.000\\ 
$EFFR 10$&0.000&0.000&0.001&0.003\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.084&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.136&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.103\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.004&0.000&0.012&0.050\\ 
cobs&0.000&0.003&0.023&0.094\\ 
iobs&0.000&0.000&0.008&0.021\\ 
labor&0.005&0.000&0.013&0.016\\ 
$nominal interest rate$&0.000&0.000&0.000&0.039\\ 
wobs&0.000&0.000&0.003&0.224\\ 
inflation&0.000&0.000&0.022&0.037\\ 
zobs&0.000&0.366&0.017&0.248\\ 
gobs&0.459&0.000&0.000&0.384\\ 
$Debt-To-GDP_{me}$&0.002&0.001&0.006&0.002\\ 
$EFFR 1$&0.000&0.000&0.000&0.033\\ 
$EFFR 2$&0.000&0.000&0.000&0.027\\ 
$EFFR 3$&0.000&0.000&0.000&0.020\\ 
$EFFR 4$&0.000&0.000&0.000&0.015\\ 
$EFFR 5$&0.000&0.000&0.000&0.010\\ 
$EFFR 6$&0.000&0.000&0.000&0.007\\ 
$EFFR 7$&0.000&0.000&0.000&0.004\\ 
$EFFR 8$&0.000&0.000&0.000&0.002\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.034&0.002\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.472&0.000\\ 
cobs&0.023&0.000&0.075&0.001\\ 
iobs&0.000&0.000&0.680&0.001\\ 
labor&0.001&0.000&0.506&0.001\\ 
$nominal interest rate$&0.001&0.012&0.381&0.005\\ 
wobs&0.000&0.000&0.097&0.334\\ 
inflation&0.001&0.000&0.378&0.005\\ 
zobs&0.000&0.000&0.002&0.000\\ 
gobs&0.001&0.000&0.152&0.001\\ 
$Debt-To-GDP_{me}$&0.005&0.000&0.860&0.004\\ 
$EFFR 1$&0.001&0.004&0.390&0.004\\ 
$EFFR 2$&0.001&0.001&0.395&0.003\\ 
$EFFR 3$&0.001&0.001&0.397&0.003\\ 
$EFFR 4$&0.001&0.000&0.395&0.002\\ 
$EFFR 5$&0.001&0.000&0.390&0.002\\ 
$EFFR 6$&0.001&0.000&0.381&0.001\\ 
$EFFR 7$&0.001&0.000&0.368&0.001\\ 
$EFFR 8$&0.001&0.000&0.350&0.001\\ 
$EFFR 9$&0.001&0.000&0.331&0.001\\ 
$EFFR 10$&0.001&0.000&0.312&0.001\\ 
$BEIobs_{me}$&0.002&0.000&0.214&0.001\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.355&0.045&0.000\\ 
cobs&0.000&0.725&0.047&0.002\\ 
iobs&0.000&0.245&0.039&0.000\\ 
labor&0.000&0.407&0.044&0.000\\ 
$nominal interest rate$&0.006&0.508&0.045&0.000\\ 
wobs&0.006&0.060&0.276&0.000\\ 
inflation&0.007&0.506&0.044&0.000\\ 
zobs&0.000&0.001&0.000&0.366\\ 
gobs&0.000&0.003&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.060&0.002&0.002\\ 
$EFFR 1$&0.002&0.526&0.035&0.000\\ 
$EFFR 2$&0.000&0.541&0.026&0.000\\ 
$EFFR 3$&0.000&0.554&0.018&0.000\\ 
$EFFR 4$&0.000&0.565&0.011&0.000\\ 
$EFFR 5$&0.000&0.576&0.007&0.000\\ 
$EFFR 6$&0.000&0.585&0.003&0.000\\ 
$EFFR 7$&0.000&0.593&0.001&0.000\\ 
$EFFR 8$&0.000&0.601&0.000&0.000\\ 
$EFFR 9$&0.000&0.614&0.000&0.000\\ 
$EFFR 10$&0.000&0.639&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.677&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.005&0.000&0.000\\ 
cobs&0.000&0.006&0.000&0.000\\ 
iobs&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
$nominal interest rate$&0.002&0.000&0.001&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.006&0.000&0.000\\ 
$EFFR 1$&0.002&0.000&0.000&0.001\\ 
$EFFR 2$&0.002&0.001&0.000&0.001\\ 
$EFFR 3$&0.002&0.004&0.000&0.000\\ 
$EFFR 4$&0.001&0.007&0.000&0.000\\ 
$EFFR 5$&0.000&0.012&0.000&0.000\\ 
$EFFR 6$&0.000&0.019&0.000&0.000\\ 
$EFFR 7$&0.000&0.029&0.000&0.000\\ 
$EFFR 8$&0.001&0.041&0.000&0.000\\ 
$EFFR 9$&0.003&0.046&0.000&0.000\\ 
$EFFR 10$&0.005&0.037&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.008&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.001&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.001&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.001&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.001\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.001&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.001&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.001&0.001\\ 
$EFFR 10$&0.000&0.000&0.001&0.002\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.054&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.050&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.061\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.003&0.000&0.012&0.057\\ 
cobs&0.000&0.002&0.023&0.123\\ 
iobs&0.000&0.000&0.008&0.024\\ 
labor&0.003&0.000&0.014&0.004\\ 
$nominal interest rate$&0.000&0.000&0.000&0.029\\ 
wobs&0.000&0.000&0.002&0.260\\ 
inflation&0.000&0.000&0.023&0.028\\ 
zobs&0.000&0.349&0.016&0.239\\ 
gobs&0.363&0.001&0.000&0.306\\ 
$Debt-To-GDP_{me}$&0.001&0.002&0.009&0.001\\ 
$EFFR 1$&0.000&0.000&0.000&0.025\\ 
$EFFR 2$&0.000&0.000&0.000&0.020\\ 
$EFFR 3$&0.000&0.000&0.000&0.015\\ 
$EFFR 4$&0.000&0.000&0.000&0.011\\ 
$EFFR 5$&0.000&0.000&0.000&0.008\\ 
$EFFR 6$&0.000&0.000&0.000&0.005\\ 
$EFFR 7$&0.000&0.000&0.000&0.003\\ 
$EFFR 8$&0.000&0.000&0.000&0.002\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.038&0.001\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.485&0.001\\ 
cobs&0.019&0.000&0.082&0.002\\ 
iobs&0.000&0.000&0.691&0.001\\ 
labor&0.001&0.000&0.513&0.001\\ 
$nominal interest rate$&0.001&0.004&0.392&0.004\\ 
wobs&0.000&0.000&0.111&0.247\\ 
inflation&0.001&0.000&0.384&0.003\\ 
zobs&0.000&0.000&0.003&0.000\\ 
gobs&0.001&0.000&0.236&0.001\\ 
$Debt-To-GDP_{me}$&0.003&0.000&0.740&0.001\\ 
$EFFR 1$&0.001&0.002&0.395&0.003\\ 
$EFFR 2$&0.001&0.001&0.395&0.003\\ 
$EFFR 3$&0.001&0.000&0.393&0.002\\ 
$EFFR 4$&0.001&0.000&0.388&0.002\\ 
$EFFR 5$&0.001&0.000&0.380&0.001\\ 
$EFFR 6$&0.001&0.000&0.367&0.001\\ 
$EFFR 7$&0.001&0.000&0.352&0.001\\ 
$EFFR 8$&0.001&0.000&0.335&0.001\\ 
$EFFR 9$&0.001&0.000&0.315&0.001\\ 
$EFFR 10$&0.001&0.000&0.292&0.001\\ 
$BEIobs_{me}$&0.002&0.000&0.188&0.001\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.343&0.053&0.000\\ 
cobs&0.000&0.682&0.056&0.002\\ 
iobs&0.000&0.226&0.044&0.000\\ 
labor&0.000&0.404&0.053&0.000\\ 
$nominal interest rate$&0.002&0.533&0.030&0.000\\ 
wobs&0.004&0.050&0.325&0.000\\ 
inflation&0.003&0.528&0.029&0.000\\ 
zobs&0.000&0.002&0.000&0.391\\ 
gobs&0.000&0.087&0.004&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.211&0.013&0.003\\ 
$EFFR 1$&0.001&0.544&0.024&0.000\\ 
$EFFR 2$&0.000&0.555&0.018&0.000\\ 
$EFFR 3$&0.000&0.565&0.012&0.000\\ 
$EFFR 4$&0.000&0.575&0.007&0.000\\ 
$EFFR 5$&0.000&0.584&0.004&0.000\\ 
$EFFR 6$&0.000&0.592&0.002&0.000\\ 
$EFFR 7$&0.000&0.602&0.001&0.000\\ 
$EFFR 8$&0.000&0.617&0.000&0.000\\ 
$EFFR 9$&0.000&0.638&0.001&0.000\\ 
$EFFR 10$&0.000&0.668&0.001&0.000\\ 
$BEIobs_{me}$&0.000&0.718&0.001&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.005&0.000&0.000\\ 
cobs&0.000&0.007&0.000&0.000\\ 
iobs&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
$nominal interest rate$&0.002&0.001&0.000&0.001\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.002&0.000&0.000\\ 
$EFFR 1$&0.002&0.002&0.000&0.001\\ 
$EFFR 2$&0.001&0.005&0.000&0.000\\ 
$EFFR 3$&0.001&0.008&0.000&0.000\\ 
$EFFR 4$&0.000&0.013&0.000&0.000\\ 
$EFFR 5$&0.000&0.020&0.000&0.000\\ 
$EFFR 6$&0.000&0.029&0.000&0.000\\ 
$EFFR 7$&0.001&0.036&0.000&0.000\\ 
$EFFR 8$&0.002&0.039&0.000&0.000\\ 
$EFFR 9$&0.003&0.038&0.000&0.000\\ 
$EFFR 10$&0.004&0.030&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.011&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.001\\ 
$EFFR 8$&0.000&0.001&0.001&0.001\\ 
$EFFR 9$&0.000&0.000&0.001&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.002\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.040&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.013&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.040\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.003&0.000&0.012&0.058\\ 
cobs&0.000&0.001&0.017&0.112\\ 
iobs&0.000&0.000&0.008&0.023\\ 
labor&0.000&0.006&0.010&0.012\\ 
$nominal interest rate$&0.000&0.000&0.000&0.009\\ 
wobs&0.000&0.000&0.002&0.200\\ 
inflation&0.000&0.000&0.022&0.013\\ 
zobs&0.000&0.338&0.016&0.230\\ 
gobs&0.293&0.012&0.000&0.232\\ 
$Debt-To-GDP_{me}$&0.001&0.169&0.009&0.002\\ 
$EFFR 1$&0.000&0.000&0.000&0.008\\ 
$EFFR 2$&0.000&0.000&0.000&0.007\\ 
$EFFR 3$&0.000&0.000&0.000&0.006\\ 
$EFFR 4$&0.000&0.000&0.000&0.005\\ 
$EFFR 5$&0.000&0.000&0.000&0.004\\ 
$EFFR 6$&0.000&0.000&0.000&0.003\\ 
$EFFR 7$&0.000&0.000&0.000&0.002\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.001&0.017&0.001\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.500&0.001\\ 
cobs&0.014&0.000&0.343&0.002\\ 
iobs&0.000&0.000&0.711&0.001\\ 
labor&0.000&0.000&0.448&0.001\\ 
$nominal interest rate$&0.001&0.001&0.494&0.001\\ 
wobs&0.000&0.000&0.343&0.132\\ 
inflation&0.001&0.000&0.477&0.002\\ 
zobs&0.000&0.000&0.005&0.000\\ 
gobs&0.001&0.000&0.230&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.123&0.000\\ 
$EFFR 1$&0.001&0.000&0.495&0.001\\ 
$EFFR 2$&0.001&0.000&0.498&0.001\\ 
$EFFR 3$&0.001&0.000&0.504&0.001\\ 
$EFFR 4$&0.001&0.000&0.512&0.001\\ 
$EFFR 5$&0.001&0.000&0.523&0.001\\ 
$EFFR 6$&0.001&0.000&0.538&0.001\\ 
$EFFR 7$&0.001&0.000&0.557&0.001\\ 
$EFFR 8$&0.001&0.000&0.580&0.001\\ 
$EFFR 9$&0.001&0.000&0.609&0.001\\ 
$EFFR 10$&0.001&0.000&0.644&0.001\\ 
$BEIobs_{me}$&0.001&0.000&0.693&0.001\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.329&0.055&0.000\\ 
cobs&0.000&0.454&0.047&0.001\\ 
iobs&0.000&0.207&0.042&0.000\\ 
labor&0.000&0.285&0.234&0.000\\ 
$nominal interest rate$&0.000&0.466&0.012&0.000\\ 
wobs&0.002&0.050&0.270&0.000\\ 
inflation&0.001&0.461&0.018&0.000\\ 
zobs&0.000&0.007&0.002&0.401\\ 
gobs&0.000&0.186&0.045&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.077&0.620&0.000\\ 
$EFFR 1$&0.000&0.466&0.012&0.000\\ 
$EFFR 2$&0.000&0.464&0.011&0.000\\ 
$EFFR 3$&0.000&0.461&0.010&0.000\\ 
$EFFR 4$&0.000&0.454&0.009&0.000\\ 
$EFFR 5$&0.000&0.444&0.008&0.000\\ 
$EFFR 6$&0.000&0.429&0.008&0.000\\ 
$EFFR 7$&0.000&0.411&0.009&0.000\\ 
$EFFR 8$&0.000&0.387&0.010&0.000\\ 
$EFFR 9$&0.000&0.360&0.011&0.000\\ 
$EFFR 10$&0.000&0.329&0.012&0.000\\ 
$BEIobs_{me}$&0.000&0.249&0.018&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.008&0.000&0.000\\ 
cobs&0.000&0.008&0.000&0.000\\ 
iobs&0.000&0.007&0.000&0.000\\ 
labor&0.000&0.003&0.000&0.000\\ 
$nominal interest rate$&0.001&0.013&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.004&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.001&0.013&0.000&0.000\\ 
$EFFR 2$&0.001&0.014&0.000&0.000\\ 
$EFFR 3$&0.001&0.014&0.000&0.000\\ 
$EFFR 4$&0.001&0.015&0.000&0.000\\ 
$EFFR 5$&0.001&0.016&0.000&0.000\\ 
$EFFR 6$&0.001&0.017&0.000&0.000\\ 
$EFFR 7$&0.001&0.017&0.000&0.000\\ 
$EFFR 8$&0.001&0.016&0.000&0.000\\ 
$EFFR 9$&0.001&0.014&0.000&0.000\\ 
$EFFR 10$&0.001&0.010&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.009&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.032&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.000&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.009\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\subsection{States} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.006&0.727\\ 
$consumption: Non-Savers$&0.003&0.062&0.020&0.245\\ 
$nominal interest rate$&0.000&0.000&0.000&0.043\\ 
investment&0.000&0.000&0.008&0.002\\ 
labor&0.007&0.000&0.013&0.038\\ 
output&0.006&0.000&0.011&0.158\\ 
$govt consumption$&1&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.002&0.008&0.687\\ 
$real wage$&0.000&0.000&0.001&0.829\\ 
$govt debt$&0.001&0.001&0.000&0.024\\ 
inflation&0.000&0.000&0.021&0.043\\ 
$b/y ratio$&0.004&0.000&0.004&0.005\\ 
$inflation CF$&0.000&0.000&0.000&0.044\\ 
$b/y ratio CF$&0.004&0.000&0.000&0.005\\ 
$\tau k$&0.000&0.000&0.000&0.017\\ 
$\tau l$&0.000&0.000&0.000&0.020\\ 
$\tau c$&0.000&0.001&0.049&0.034\\ 
$real interest rate$&0.000&0.000&0.074&0.023\\ 
$transfers total$&0.000&0.489&0.023&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.001&0.000&0.000&0.025\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.010&0.000&0.008&0.000\\ 
$consumption: Non-Savers$&0.001&0.000&0.295&0.010\\ 
$nominal interest rate$&0.001&0.030&0.366&0.005\\ 
investment&0.000&0.000&0.685&0.001\\ 
labor&0.001&0.000&0.483&0.001\\ 
output&0.001&0.000&0.421&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.009&0.000&0.024&0.000\\ 
$real wage$&0.000&0.000&0.019&0.094\\ 
$govt debt$&0.006&0.001&0.622&0.010\\ 
inflation&0.001&0.000&0.369&0.005\\ 
$b/y ratio$&0.007&0.001&0.941&0.006\\ 
$inflation CF$&0.001&0.000&0.377&0.005\\ 
$b/y ratio CF$&0.007&0.001&0.958&0.006\\ 
$\tau k$&0.000&0.000&0.324&0.000\\ 
$\tau l$&0.000&0.000&0.336&0.000\\ 
$\tau c$&0.000&0.000&0.308&0.001\\ 
$real interest rate$&0.001&0.027&0.357&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.001&0.000\\ 
$price of bonds$&0.005&0.002&0.473&0.007\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.238&0.009&0.000\\ 
$consumption: Non-Savers$&0.000&0.248&0.048&0.063\\ 
$nominal interest rate$&0.016&0.484&0.054&0.000\\ 
investment&0.000&0.262&0.037&0.000\\ 
labor&0.000&0.411&0.039&0.000\\ 
output&0.000&0.358&0.039&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.254&0.013&0.001\\ 
$real wage$&0.002&0.014&0.042&0.000\\ 
$govt debt$&0.001&0.278&0.020&0.002\\ 
inflation&0.016&0.489&0.056&0.000\\ 
$b/y ratio$&0.000&0.018&0.000&0.001\\ 
$inflation CF$&0.016&0.500&0.057&0.000\\ 
$b/y ratio CF$&0.000&0.018&0.000&0.001\\ 
$\tau k$&0.000&0.655&0.003&0.000\\ 
$\tau l$&0.000&0.639&0.003&0.000\\ 
$\tau c$&0.000&0.596&0.004&0.000\\ 
$real interest rate$&0.007&0.488&0.019&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.487\\ 
$transfers part$&0.000&0.001&0.000&0.998\\ 
$price of bonds$&0.000&0.433&0.017&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.002&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.003&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.004&0.000&0.000\\ 
labor&0.000&0.005&0.000&0.000\\ 
output&0.000&0.004&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.002&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.032&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.013&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.006&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.034&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.009&0.614\\ 
$consumption: Non-Savers$&0.003&0.038&0.019&0.157\\ 
$nominal interest rate$&0.000&0.000&0.000&0.039\\ 
investment&0.000&0.000&0.008&0.001\\ 
labor&0.005&0.000&0.013&0.016\\ 
output&0.004&0.000&0.012&0.085\\ 
$govt consumption$&0.880&0.000&0.000&0.001\\ 
$aggregate consumption$&0.000&0.001&0.011&0.567\\ 
$real wage$&0.000&0.000&0.001&0.798\\ 
$govt debt$&0.000&0.003&0.001&0.038\\ 
inflation&0.000&0.000&0.022&0.037\\ 
$b/y ratio$&0.002&0.001&0.007&0.002\\ 
$inflation CF$&0.000&0.000&0.000&0.038\\ 
$b/y ratio CF$&0.002&0.001&0.000&0.002\\ 
$\tau k$&0.004&0.000&0.000&0.005\\ 
$\tau l$&0.004&0.000&0.000&0.005\\ 
$\tau c$&0.000&0.000&0.045&0.021\\ 
$real interest rate$&0.000&0.000&0.130&0.022\\ 
$transfers total$&0.000&0.480&0.022&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.002&0.000&0.000&0.028\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.013&0.000&0.013&0.001\\ 
$consumption: Non-Savers$&0.001&0.000&0.380&0.004\\ 
$nominal interest rate$&0.001&0.012&0.381&0.005\\ 
investment&0.000&0.000&0.694&0.001\\ 
labor&0.001&0.000&0.506&0.001\\ 
output&0.001&0.000&0.480&0.000\\ 
$govt consumption$&0.001&0.000&0.115&0.001\\ 
$aggregate consumption$&0.011&0.000&0.036&0.000\\ 
$real wage$&0.000&0.000&0.030&0.067\\ 
$govt debt$&0.007&0.001&0.733&0.011\\ 
inflation&0.001&0.000&0.378&0.005\\ 
$b/y ratio$&0.005&0.000&0.905&0.004\\ 
$inflation CF$&0.001&0.000&0.386&0.005\\ 
$b/y ratio CF$&0.005&0.000&0.917&0.004\\ 
$\tau k$&0.007&0.001&0.958&0.006\\ 
$\tau l$&0.007&0.001&0.958&0.006\\ 
$\tau c$&0.000&0.000&0.463&0.000\\ 
$real interest rate$&0.001&0.044&0.317&0.002\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.001&0.000\\ 
$price of bonds$&0.006&0.001&0.537&0.008\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.333&0.015&0.000\\ 
$consumption: Non-Savers$&0.000&0.286&0.067&0.040\\ 
$nominal interest rate$&0.006&0.508&0.045&0.000\\ 
investment&0.000&0.251&0.040&0.000\\ 
labor&0.000&0.407&0.044&0.000\\ 
output&0.000&0.366&0.046&0.000\\ 
$govt consumption$&0.000&0.002&0.000&0.000\\ 
$aggregate consumption$&0.000&0.348&0.022&0.001\\ 
$real wage$&0.001&0.019&0.084&0.000\\ 
$govt debt$&0.001&0.149&0.017&0.006\\ 
inflation&0.007&0.506&0.044&0.000\\ 
$b/y ratio$&0.000&0.063&0.002&0.002\\ 
$inflation CF$&0.007&0.517&0.045&0.000\\ 
$b/y ratio CF$&0.000&0.064&0.003&0.002\\ 
$\tau k$&0.000&0.018&0.000&0.001\\ 
$\tau l$&0.000&0.018&0.000&0.001\\ 
$\tau c$&0.000&0.465&0.001&0.000\\ 
$real interest rate$&0.016&0.437&0.023&0.000\\ 
$transfers total$&0.000&0.002&0.000&0.496\\ 
$transfers part$&0.000&0.003&0.000&0.995\\ 
$price of bonds$&0.000&0.356&0.018&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.003&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.004&0.000&0.000\\ 
$nominal interest rate$&0.002&0.000&0.001&0.000\\ 
investment&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
output&0.000&0.005&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.003&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.031&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.006&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.005&0.000&0.000\\ 
$real interest rate$&0.005&0.000&0.002&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.041&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.015&0.433\\ 
$consumption: Non-Savers$&0.002&0.021&0.018&0.067\\ 
$nominal interest rate$&0.000&0.000&0.000&0.029\\ 
investment&0.000&0.000&0.009&0.003\\ 
labor&0.003&0.000&0.014&0.004\\ 
output&0.002&0.000&0.013&0.030\\ 
$govt consumption$&0.626&0.001&0.000&0.000\\ 
$aggregate consumption$&0.000&0.001&0.017&0.380\\ 
$real wage$&0.000&0.000&0.001&0.673\\ 
$govt debt$&0.000&0.010&0.003&0.039\\ 
inflation&0.000&0.000&0.023&0.028\\ 
$b/y ratio$&0.001&0.002&0.009&0.001\\ 
$inflation CF$&0.000&0.000&0.000&0.028\\ 
$b/y ratio CF$&0.001&0.003&0.000&0.001\\ 
$\tau k$&0.002&0.001&0.000&0.001\\ 
$\tau l$&0.002&0.001&0.000&0.001\\ 
$\tau c$&0.000&0.000&0.041&0.011\\ 
$real interest rate$&0.000&0.000&0.103&0.046\\ 
$transfers total$&0.000&0.552&0.024&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.001\\ 
$price of bonds$&0.002&0.000&0.000&0.029\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.016&0.000&0.023&0.001\\ 
$consumption: Non-Savers$&0.001&0.000&0.453&0.001\\ 
$nominal interest rate$&0.001&0.004&0.392&0.004\\ 
investment&0.000&0.000&0.706&0.001\\ 
labor&0.001&0.000&0.513&0.001\\ 
output&0.001&0.000&0.523&0.001\\ 
$govt consumption$&0.002&0.000&0.327&0.001\\ 
$aggregate consumption$&0.013&0.000&0.058&0.001\\ 
$real wage$&0.000&0.000&0.064&0.043\\ 
$govt debt$&0.006&0.000&0.751&0.009\\ 
inflation&0.001&0.000&0.384&0.003\\ 
$b/y ratio$&0.003&0.000&0.750&0.001\\ 
$inflation CF$&0.001&0.000&0.394&0.004\\ 
$b/y ratio CF$&0.004&0.000&0.758&0.001\\ 
$\tau k$&0.005&0.000&0.920&0.003\\ 
$\tau l$&0.005&0.000&0.920&0.003\\ 
$\tau c$&0.000&0.000&0.553&0.000\\ 
$real interest rate$&0.001&0.026&0.322&0.005\\ 
$transfers total$&0.000&0.000&0.003&0.000\\ 
$transfers part$&0.000&0.000&0.007&0.000\\ 
$price of bonds$&0.008&0.001&0.608&0.009\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.478&0.028&0.000\\ 
$consumption: Non-Savers$&0.000&0.322&0.094&0.016\\ 
$nominal interest rate$&0.002&0.533&0.030&0.000\\ 
investment&0.000&0.232&0.044&0.000\\ 
labor&0.000&0.404&0.053&0.000\\ 
output&0.000&0.369&0.056&0.000\\ 
$govt consumption$&0.000&0.041&0.002&0.001\\ 
$aggregate consumption$&0.000&0.485&0.039&0.001\\ 
$real wage$&0.001&0.028&0.189&0.000\\ 
$govt debt$&0.000&0.136&0.008&0.011\\ 
inflation&0.003&0.528&0.029&0.000\\ 
$b/y ratio$&0.000&0.214&0.013&0.003\\ 
$inflation CF$&0.003&0.540&0.030&0.000\\ 
$b/y ratio CF$&0.000&0.216&0.013&0.003\\ 
$\tau k$&0.000&0.062&0.003&0.002\\ 
$\tau l$&0.000&0.062&0.003&0.002\\ 
$\tau c$&0.000&0.390&0.000&0.000\\ 
$real interest rate$&0.010&0.410&0.056&0.000\\ 
$transfers total$&0.000&0.002&0.000&0.418\\ 
$transfers part$&0.000&0.004&0.001&0.987\\ 
$price of bonds$&0.000&0.264&0.017&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.005&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.005&0.000&0.000\\ 
$nominal interest rate$&0.002&0.001&0.000&0.001\\ 
investment&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
output&0.000&0.006&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.005&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.024&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.002&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.004&0.000&0.000\\ 
$real interest rate$&0.011&0.003&0.001&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.058&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.002&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.023&0.240\\ 
$consumption: Non-Savers$&0.001&0.011&0.017&0.022\\ 
$nominal interest rate$&0.000&0.000&0.000&0.017\\ 
investment&0.000&0.000&0.008&0.007\\ 
labor&0.001&0.000&0.014&0.006\\ 
output&0.001&0.000&0.013&0.009\\ 
$govt consumption$&0.295&0.003&0.000&0.002\\ 
$aggregate consumption$&0.000&0.001&0.023&0.196\\ 
$real wage$&0.000&0.000&0.002&0.406\\ 
$govt debt$&0.002&0.022&0.009&0.029\\ 
inflation&0.000&0.000&0.025&0.018\\ 
$b/y ratio$&0.000&0.005&0.012&0.005\\ 
$inflation CF$&0.000&0.000&0.000&0.019\\ 
$b/y ratio CF$&0.000&0.005&0.000&0.005\\ 
$\tau k$&0.000&0.003&0.000&0.001\\ 
$\tau l$&0.000&0.003&0.000&0.001\\ 
$\tau c$&0.000&0.000&0.038&0.004\\ 
$real interest rate$&0.000&0.000&0.035&0.029\\ 
$transfers total$&0.000&0.671&0.027&0.001\\ 
$transfers part$&0.000&0.001&0.002&0.002\\ 
$price of bonds$&0.003&0.001&0.000&0.028\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.015&0.000&0.058&0.002\\ 
$consumption: Non-Savers$&0.001&0.000&0.489&0.001\\ 
$nominal interest rate$&0.001&0.001&0.389&0.002\\ 
investment&0.000&0.000&0.727&0.001\\ 
labor&0.001&0.000&0.514&0.001\\ 
output&0.001&0.000&0.554&0.001\\ 
$govt consumption$&0.002&0.000&0.455&0.000\\ 
$aggregate consumption$&0.012&0.000&0.107&0.002\\ 
$real wage$&0.000&0.000&0.158&0.021\\ 
$govt debt$&0.004&0.000&0.551&0.004\\ 
inflation&0.001&0.000&0.379&0.003\\ 
$b/y ratio$&0.002&0.000&0.591&0.000\\ 
$inflation CF$&0.001&0.000&0.388&0.003\\ 
$b/y ratio CF$&0.002&0.000&0.599&0.000\\ 
$\tau k$&0.003&0.000&0.734&0.001\\ 
$\tau l$&0.003&0.000&0.734&0.001\\ 
$\tau c$&0.000&0.000&0.633&0.000\\ 
$real interest rate$&0.001&0.006&0.377&0.003\\ 
$transfers total$&0.000&0.000&0.014&0.000\\ 
$transfers part$&0.000&0.000&0.045&0.001\\ 
$price of bonds$&0.011&0.001&0.614&0.011\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.602&0.050&0.000\\ 
$consumption: Non-Savers$&0.000&0.324&0.126&0.005\\ 
$nominal interest rate$&0.001&0.561&0.015&0.000\\ 
investment&0.000&0.201&0.051&0.000\\ 
labor&0.000&0.390&0.066&0.000\\ 
output&0.000&0.347&0.069&0.000\\ 
$govt consumption$&0.000&0.221&0.019&0.002\\ 
$aggregate consumption$&0.000&0.585&0.065&0.000\\ 
$real wage$&0.001&0.041&0.371&0.000\\ 
$govt debt$&0.000&0.343&0.014&0.011\\ 
inflation&0.002&0.553&0.019&0.000\\ 
$b/y ratio$&0.000&0.346&0.035&0.003\\ 
$inflation CF$&0.002&0.568&0.019&0.000\\ 
$b/y ratio CF$&0.000&0.350&0.036&0.003\\ 
$\tau k$&0.000&0.236&0.019&0.003\\ 
$\tau l$&0.000&0.236&0.019&0.003\\ 
$\tau c$&0.000&0.319&0.001&0.000\\ 
$real interest rate$&0.002&0.488&0.029&0.000\\ 
$transfers total$&0.000&0.006&0.000&0.280\\ 
$transfers part$&0.000&0.021&0.001&0.926\\ 
$price of bonds$&0.000&0.216&0.015&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.008&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.004&0.000&0.000\\ 
$nominal interest rate$&0.001&0.009&0.000&0.000\\ 
investment&0.000&0.004&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
output&0.000&0.005&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.008&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.010&0.000&0.000\\ 
inflation&0.000&0.001&0.000&0.000\\ 
$b/y ratio$&0.000&0.001&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.004&0.000&0.000\\ 
$real interest rate$&0.004&0.021&0.000&0.001\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.001&0.000&0.000\\ 
$price of bonds$&0.001&0.094&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.001&0.001&0.001&0.001\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.001\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\section{Impulse Responses} 
\includepdf[page=-]{"government consumption shock".pdf} 
\includepdf[page=-]{"funded tranfers shock".pdf} 
\includepdf[page=-]{"unfunded transfers shock".pdf} 
\includepdf[page=-]{"technology shock".pdf} 
\includepdf[page=-]{"preference shock".pdf} 
\includepdf[page=-]{"monetary policy shock".pdf} 
\includepdf[page=-]{"investment specific technology shock".pdf} 
\includepdf[page=-]{"wage markup shock".pdf} 
\includepdf[page=-]{"price markup shock".pdf} 
\includepdf[page=-]{"risk-premium shock".pdf} 
\includepdf[page=-]{"shock to NKPC".pdf} 
\includepdf[page=-]{"transitory transfer shock".pdf} 
\includepdf[page=-]{"FWG target factor".pdf} 
\includepdf[page=-]{"FWG path factor".pdf} 
\includepdf[page=-]{"FG Shock0".pdf} 
\includepdf[page=-]{"FG Shock1".pdf} 
\includepdf[page=-]{"FG Shock2".pdf} 
\includepdf[page=-]{"FG Shock3".pdf} 
\includepdf[page=-]{"FG Shock4".pdf} 
\includepdf[page=-]{"FG Shock5".pdf} 
\includepdf[page=-]{"FG Shock6".pdf} 
\includepdf[page=-]{"FG Shock7".pdf} 
\includepdf[page=-]{"FG Shock8".pdf} 
\includepdf[page=-]{"FG Shock9".pdf} 
\includepdf[page=-]{"ME GDP".pdf} 
\includepdf[page=-]{"ME Debt-to-GDP Ratio".pdf} 
\includepdf[page=-]{"ME BEI".pdf} 
\pagebreak 
\section{Fit} 
\includepdf[page={-}]{"stdSimObsDensity".pdf} 
\includepdf[page={-}]{"stdSimStatesDensity".pdf} 
\includepdf[page={-}]{"stdObsDensity".pdf} 
\includepdf[page={-}]{"crossCorrelationsObs".pdf} 
\end{document}